PIA Press Release2006/10/16

Arroyo welcomes possible rating upgrade from Moodys

Quezon City (16 October) -- PRESIDENT Gloria Macapagal-Arroyo welcomed reports the Philippines may soon get a credit rating upgrade from Moody's Investors Service, even as she urged the Senate to speed up deliberations on the proposed 2007 budget, which she said would define the development agenda of the government.

"We welcome the reports that the Philippines could be due for a credit

rating upgrade from Moody's," Arroyo said in a speech at the 58th charter day of Calbayog City.

"Fiscal disicpline is winning the day for the Philippines and we urge the Senate to speed up deliberations on the budget so that we can show the world our determination to bring the fruits of reforms to the doorsteps of every Filipino," she added.

Arroyo said the administration’s budget would not only define the government's development agenda, but would also signify the "payback" to the people of her administration's "tough reforms."

The international ratings firm is expected to upgrade its outlook on the Philippines from "negative" to "stable" by the end of the year.

Moody's has retained its "negative" outlook on the Philippines among major international credit rating agencies. (PIA) [top]